March 16, 2020 / 10:32 AM / 19 days ago

Coronavirus impact will last at least to third quarter - German economy ministry

A shopping trolley with goods is seen outside a supermarket in Berlin, Germany, March 14, 2020. REUTERS/Annegret Hilse

BERLIN (Reuters) - The German economy ministry said it no longer expected an economic upswing in the first quarter because of the impact of the coronavirus on growth, with the economy unlikely to stabilise before the third quarter at the earliest.

The economy ministry said it anticipated lower demand and consumption due to the virus, with the impact set to be clear in the March figures, if not earlier. Stabilisation might come in the third quarter if supply chains ruptured by the epidemic had been repaired by then.

“The strength and duration of the impact cannot yet reliably be forecast,” the ministry said. “But given the very rapid pace of developments we have to anticipate significant economic impacts.”

Reporting by Thomas Escritt; editing by Thomas Seythal

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